Great Plains Bank - Home Lending in Tuttle, OK offers valuable insights into property appraisals. Appraisals, conducted by state-licensed professionals, estimate a property's fair market value, ensuring loan amounts align with property values. They serve various purposes, including loan approval and property tax disputes. The Appraiser uses three common approaches, with the Sales Comparison Approach often favored for single-family, owner-occupied properties. While borrowers pay for the appraisal, the mortgage company owns it. Changing mortgage companies after the appraisal is possible, but a fee may apply. The property seller typically sets the price, often with a real estate agent's assistance. Providing additional information can assist the Appraiser in their assessment.